Saudi PIF-Owned Firm Leads $20 Million Funding for Food Startup

Saudi PIF-Owned Firm Leads $20 Million Funding for Food Startup




Filipe Pacheco



(Bloomberg) — A Saudi Arabian food and beverage technology firm raised 75 million riyals ($20 million) in funding led by a company controlled by the kingdom’s sovereign wealth fund as interest in startups picks up in the Middle East.



a city at night: Light illuminate the Al Majdoul skyscraper and a city road at night in Riyadh, Saudi Arabia, on Tuesday, July 28, 2020. Saudi Arabia suffered a simultaneous decline in oil and non-oil revenue as the global pandemic combined with lower energy prices to jolt the kingdom’s public finances.


© Bloomberg
Light illuminate the Al Majdoul skyscraper and a city road at night in Riyadh, Saudi Arabia, on Tuesday, July 28, 2020. Saudi Arabia suffered a simultaneous decline in oil and non-oil revenue as the global pandemic combined with lower energy prices to jolt the kingdom’s public finances.

Riyadh-based Foodics will use the proceeds to grow its market share as well as expand its fintech offering, according to a statement. The company offers a tech platform that helps retail and restaurant owners run their business.

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The Series B funding round was led by Sanabil Investments, wholly-owned by the Public Investment Fund. Others involved were STV, the venture capital fund that previously invested in Careem, as well as Endeavor Catalyst and Elm & Derayah.

The Public Investment Fund, which has invested in companies such as Uber Technologies Inc. and Jio Platforms Ltd., is the backbone of Saudi Arabia’s economic transformation plan.

Read more:

Saudi Wealth Fund Seeks Up to $7 Billion Loan for New DealsSaudi Sovereign Fund Targets $1.1 Trillion in Assets by 2025Saudi Wealth Fund Is Upbeat on Deals for Local ManufacturingSaudi Arabia’s Sovereign Wealth Fund Forms Cruise Company

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